Ideas For A Business To Start – Stop Day Dreaming And Focus On These 7 Items
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Ideas For A Business To Start – Stop Day Dreaming And Focus On These 7 Items
Ideas For A Business To Start – Stop Day Dreaming And Focus On These 7 Items
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Home Page > Business > Ideas For A Business To Start – Stop Day Dreaming And Focus On These 7 Items
Ideas For A Business To Start – Stop Day Dreaming And Focus On These 7 Items
Posted: Jan 15, 2011 |Comments: 0
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What do you want from your business? It’s not the idea that is going to make you wealthy or create your dream life. I’ve seen many of my friends invest in some incredible “ideas” that have a huge market and would be widely used. After hundreds of thousands of dollars and lots of bickering the business failed everyone lost out. So instead of looking for ideas for a business to start here are some time-tested ideas that will lead you to being a happy business owner. Now forget thinking about ideas for a business to start and start focusing on these 7 items.
It doesn’t matter what business you get into. Fortunes have been made and lost in just about every business you can think of. There are millionaires who made their money selling shoelaces. Do your research and find a business that fits your needs. No need to think about ideas for a business to start.
Consider buying an already established business. This throws out ideas for a business to start, however you will get to see a lot of businesses you may never have considered before. Not only that you will get the chance to see how the business is performing before spending your hard earned money and precious time.
Focus on management, systems and strategy the average small business will make the owner a living, at the end of the day the owner just owns a job. Like I mentioned above any viable business can make an exorbitant amount of money.
Everyone needs a coach and or mentor. Everyone who is at the top of their field has a mentor, coach or both. Often times it’s a formal relationship where there is financial compensation and sometimes profit sharing. Other times it’s a more informal relationship. In the beginning look for someone who is semi-retired and was in the same industry you are thinking about getting into. Also look at people who are successful business owners. The fundamentals of a successful business are the same across industries. Hire specialists for your current challenge or struggle.
Very few people have actually built the type of business that people are thinking about when they think about ideas for a business to start. In my experience one of the things most commonly overlooked and generally laughed at is having formal corporate governance. Both LLCs and Corporations need to have a formal corporate governance structure. I’ve found working with my clients over the years that taking the time to hold and document board meetings and annual owners meetings makes a dramatic difference in the way the business grows and how fulfilling the ownership experience is.
Attend seminars. Even if you haven’t started a business yet attending a business seminar can be a very useful way to spend your time and money. Seminars can range from free to tens of thousands of dollars. Start with a free to a few hundred dollars. Don’t let the price fool you. I’ve attending some seminars that were less than 0 and gotten great value.
Start networking. If you haven’t started or bought your business yet don’t be afraid to start networking, your local chamber of commerce is a great place to start. Don’t be afraid to go up to people and start a conversation sometime when you’re a new face it can be intimidating. Go and introduce yourself and ask a bunch of questions. People love to talk about themselves and their businesses. Use this to your advantage. Just please don’t ask them for ideas for a business to start! Ask them questions about marketing, management, taxes, and the local marketplace. If you find one or two people who seem to be a wealth of knowledge ask if you can treat them to lunch sometime and pick their brain some more. One caution though. Beware that there are some people who will talk the talk but don’t walk the walk. Also be wary of people who want you to invest your money with them. I’ve seen some horror stories where people have been taken advantage of.
Hopefully you are no longer looking for ideas for a business to start and searching for what will be fulfilling to you as an owner. Do them a favor and tell them to throw away searching for ideas for a business to start.
Nigel Pitcairn is CEO of Corporate Correct. ideas for a business to start
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